| This report is for educational purposes only, and not to provide
investment advice. Before making any
investment decision, you should always do your own research or consult a
investment professional. |
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| While I try to
be accurate, I assume no responsibility for any figure in this spreadsheet. |
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| See
my website on stocks or see my blog at the following sites. |
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www.spbrunner.com/stocks.html |
www.spbrunner.blogspot.com/ |
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| Canadian Real
Estate Investment Trust |
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REF.UN |
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www.creit.ca |
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Fiscal Yr: |
Dec 31 |
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| Year |
12/31/99 |
12/31/00 |
12/31/01 |
12/31/02 |
12/31/03 |
12/31/04 |
12/31/05 |
12/31/06 |
12/31/07 |
12/31/08 |
12/31/09 |
12/31/10 |
12/31/11 |
12/30/12 |
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#Y |
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| Revenue* |
$106.12 |
$113.01 |
$129.84 |
$162.97 |
$190.95 |
$221.05 |
$241.76 |
$269.75 |
$291.72 |
$319.72 |
$329.80 |
$329.02 |
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191.15% |
<-Total Growth |
10 |
Revenue |
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| Increase |
4.06% |
6.50% |
14.89% |
25.51% |
17.17% |
15.76% |
9.37% |
11.58% |
8.14% |
9.60% |
3.15% |
-0.24% |
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11.28% |
<-IRR #YR-> |
10 |
Revenue |
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| Rev per Share |
$3.18 |
$3.39 |
$3.05 |
$3.40 |
$3.66 |
$3.94 |
$4.24 |
$4.67 |
$4.81 |
$5.23 |
$4.98 |
$4.93 |
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6.36% |
<-IRR #YR-> |
5 |
Revenue |
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| P/S (Price/Sales) |
3.43 |
3.31 |
4.11 |
3.90 |
4.36 |
4.51 |
5.31 |
6.73 |
5.99 |
4.31 |
5.45 |
6.30 |
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3.82% |
<-IRR #YR-> |
10 |
Rev per shares |
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| *Property Rental Revenue in M CDN $ |
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P/S |
10 Yrs |
5.10 |
5 Yrs |
5.76 |
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3.05% |
<-IRR #YR-> |
5 |
Rev per shares |
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-$113.01 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$329.02 |
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-$241.76 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$329.02 |
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-$3.387 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$4.930 |
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-$4.242 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$4.930 |
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| Distri Inc (DI) |
$1.20 |
$1.22 |
$1.25 |
$1.33 |
$1.36 |
$1.43 |
$1.44 |
$1.93 |
$2.11 |
$2.27 |
$2.31 |
$2.36 |
$2.32 |
$2.38 |
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93.28% |
<-Total Growth |
10 |
FFO |
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| Increase |
5.26% |
1.67% |
2.46% |
6.40% |
2.26% |
5.15% |
0.70% |
33.96% |
9.59% |
7.38% |
1.63% |
2.21% |
-1.61% |
2.59% |
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7.17% |
<-Average |
10 |
FFO |
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| Payout Ratio FFO |
97.5% |
95.9% |
93.6% |
89.8% |
90.4% |
87.4% |
88.2% |
66.9% |
62.4% |
59.3% |
59.1% |
59.2% |
60.8% |
59.2% |
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75.64% |
<-Average |
10 |
FFO |
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| P/FFO on Close |
9.08 |
9.18 |
10.04 |
9.96 |
11.74 |
12.41 |
15.65 |
16.31 |
13.62 |
9.94 |
11.76 |
13.17 |
13.91 |
13.56 |
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6.81% |
<-IRR #YR-> |
10 |
FFO |
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| Trailing P/FFO |
9.56 |
9.33 |
10.29 |
10.60 |
12.01 |
13.05 |
15.76 |
21.85 |
14.93 |
10.68 |
11.95 |
13.46 |
13.69 |
13.91 |
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10.37% |
<-IRR #YR-> |
5 |
FFO |
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| P/FFO on High |
10.71 |
9.63 |
10.56 |
10.23 |
11.95 |
12.90 |
15.56 |
16.54 |
15.89 |
13.66 |
12.57 |
14.08 |
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14.55 |
<-Average |
5 |
FFO |
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| P/FFO on Low |
9.33 |
7.21 |
8.80 |
9.44 |
9.01 |
9.27 |
12.08 |
10.89 |
12.98 |
8.81 |
8.30 |
11.41 |
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10.48 |
<-Average |
5 |
FFO |
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| Distributable Income available can be as important as EPS |
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P/FFO CL |
P/FFO CL |
12.96 |
14.57 |
Payout |
61.38% |
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-$1.220 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$2.358 |
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-$1.440 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$2.358 |
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(See net income re tax-->) |
$0.46 |
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| EPS* |
$0.88 |
$1.19 |
$1.01 |
$1.14 |
$1.14 |
$0.86 |
$1.04 |
$1.12 |
$1.37 |
$1.13 |
$1.81 |
$2.48 |
$1.21 |
$1.21 |
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108.40% |
<-Total Growth |
10 |
Earnings |
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| Increase |
-12.00% |
35.23% |
-15.13% |
12.87% |
0.00% |
-24.56% |
20.93% |
7.69% |
22.19% |
-17.43% |
60.18% |
37.02% |
-51.21% |
0.00% |
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7.62% |
<-IRR #YR-> |
10 |
Earnings |
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| * Net Income
per share (Cdn GAAP) |
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18.98% |
<-IRR #YR-> |
5 |
Earnings |
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-$1.190 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$2.480 |
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-$1.040 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$2.480 |
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| Div* |
$1.17 |
$1.17 |
$1.17 |
$1.20 |
$1.23 |
$1.25 |
$1.27 |
$1.29 |
$1.32 |
$1.35 |
$1.36 |
$1.40 |
$1.41 |
$1.41 |
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19.23% |
<-Total Growth |
10 |
Dividends |
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| Increase |
2.63% |
0.00% |
0.00% |
2.14% |
2.93% |
1.63% |
1.60% |
1.57% |
2.33% |
2.05% |
1.18% |
2.35% |
1.08% |
0.00% |
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1.78% |
<-Average |
10 |
Dividends |
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| Yield H/L |
9.73% |
11.39% |
9.67% |
9.14% |
8.63% |
7.89% |
6.38% |
4.88% |
4.33% |
5.28% |
5.66% |
4.64% |
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6.65% |
<-Average |
10 |
Dividends |
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| Yield on Cl |
10.73% |
10.45% |
9.32% |
9.02% |
7.70% |
7.04% |
5.64% |
4.10% |
4.58% |
5.97% |
5.03% |
4.49% |
4.37% |
4.37% |
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6.29% |
<-Average |
10 |
Dividends |
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| Payout Ratio EPS |
133.0% |
98.3% |
115.8% |
104.8% |
107.9% |
145.3% |
122.1% |
115.2% |
96.5% |
119.2% |
75.3% |
56.3% |
116.5% |
116.5% |
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105.84% |
<-Average |
10 |
Dividends |
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| Payout Ratio CF |
101.4% |
131.7% |
116.4% |
90.5% |
106.0% |
86.7% |
91.6% |
75.3% |
72.1% |
67.8% |
62.4% |
62.7% |
61.6% |
61.0% |
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1.77% |
<-IRR #YR-> |
10 |
Dividends |
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| Average 5 yrs |
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Div Yd |
4.78% |
in 5 yrs |
5.22% |
in 10 yrs |
Yield |
4.96% |
4.83% |
Payout |
92.48% |
68.06% |
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1.90% |
<-IRR #YR-> |
5 |
Dividends |
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| * Distributions per share |
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1.8% |
5 |
1.8% |
10 |
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-$1.17 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$1.40 |
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-$1.27 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$1.40 |
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| I am earning |
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Trading |
$26.18 |
2006 |
5.39% |
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| Yield if held 5 yrs |
13.18% |
13.28% |
10.01% |
8.75% |
10.47% |
10.40% |
12.36% |
10.66% |
10.09% |
9.45% |
8.60% |
7.01% |
5.33% |
4.62% |
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Ave H/L |
Yield on your |
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| Yield if held 10 yrs |
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14.08% |
14.41% |
11.04% |
9.67% |
11.46% |
11.33% |
13.58% |
11.65% |
10.78% |
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Ave H/L |
original money |
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<--book value is not growing |
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| Graham Price |
$14.36 |
$16.72 |
$15.47 |
$16.58 |
$16.62 |
$14.44 |
$15.73 |
$16.26 |
$18.05 |
$16.22 |
$21.70 |
$26.61 |
$18.59 |
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Cl Pr higher/lower by? |
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Graham Price |
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| Prem/Disc on High |
-10.5% |
-29.7% |
-14.7% |
-18.0% |
-2.2% |
27.7% |
42.4% |
96.2% |
86.1% |
91.2% |
33.7% |
24.7% |
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36.72% |
<-Average |
10 |
Graham Price |
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| Prem/Disc on Ave |
-16.3% |
-38.5% |
-21.8% |
-21.1% |
-14.3% |
9.8% |
26.5% |
62.7% |
69.1% |
57.3% |
11.0% |
12.9% |
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19.21% |
<-Average |
10 |
Graham Price |
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| Prem/Disc on Low |
-22.0% |
-47.4% |
-28.9% |
-24.2% |
-26.3% |
-8.2% |
10.6% |
29.2% |
52.1% |
23.3% |
-11.7% |
1.1% |
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1.69% |
<-Average |
10 |
Graham Price |
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| Prem/Disc on Close |
-24.1% |
-33.0% |
-18.9% |
-20.1% |
-3.9% |
23.0% |
43.2% |
93.5% |
59.6% |
39.2% |
25.0% |
16.7% |
73.7% |
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25.73% |
<-Average |
10 |
Graham Price |
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| Price Cl |
$10.90 |
$11.20 |
$12.55 |
$13.25 |
$15.97 |
$17.75 |
$22.53 |
$31.47 |
$28.80 |
$22.57 |
$27.12 |
$31.05 |
$32.28 |
$32.28 |
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177.23% |
<-Total Growth |
10 |
Stock Price |
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| Increase |
6.34% |
2.75% |
12.05% |
5.58% |
20.53% |
11.15% |
26.93% |
39.68% |
-8.48% |
-21.63% |
20.16% |
14.49% |
3.96% |
0.00% |
|
10.73% |
<-IRR #YR-> |
10 |
Stock Price |
|
|
|
|
|
|
|
|
|
|
|
|
| P/E |
12.39 |
9.41 |
12.43 |
11.62 |
14.01 |
20.64 |
21.66 |
28.10 |
21.05 |
19.97 |
14.98 |
12.52 |
26.68 |
26.68 |
|
6.63% |
<-IRR #YR-> |
5 |
Stock Price |
|
|
|
|
|
|
|
|
|
|
|
|
| Trailing P/E |
10.90 |
12.73 |
10.55 |
13.12 |
14.01 |
15.57 |
26.20 |
30.26 |
25.71 |
16.49 |
24.00 |
17.15 |
13.02 |
26.68 |
|
18.51% |
<-IRR #YR-> |
10 |
Price & Div |
|
|
|
|
|
|
|
|
|
|
|
|
| Median 5 Yrs |
|
|
5.28% |
7.78% |
Div % |
5, 10 yrs |
|
Price Inc |
14.49% |
P/E: Y-T |
19.97 |
24.00 |
|
|
|
11.90% |
<-IRR #YR-> |
5 |
Price & Div |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
-$11.20 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$31.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
-$22.53 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$31.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
-$11.20 |
$1.17 |
$1.20 |
$1.23 |
$1.25 |
$1.27 |
$1.29 |
$1.32 |
$1.35 |
$1.36 |
$32.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
-$22.53 |
$1.29 |
$1.32 |
$1.35 |
$1.36 |
$32.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Price Average H/L |
$12.03 |
$10.28 |
$12.10 |
$13.08 |
$14.25 |
$15.85 |
$19.91 |
$26.46 |
$30.52 |
$25.50 |
$24.08 |
$30.05 |
|
|
|
192.46% |
<-Total Growth |
10 |
Stock Price |
|
|
|
|
|
|
|
|
|
|
|
|
| Increase |
2.34% |
-14.55% |
17.76% |
8.10% |
8.94% |
11.19% |
25.62% |
32.91% |
15.37% |
-16.45% |
-5.59% |
24.82% |
|
|
|
11.33% |
<-IRR #YR-> |
10 |
Stock Price |
|
|
|
|
|
|
|
|
|
|
|
|
| P/E |
13.66 |
8.63 |
11.98 |
11.47 |
12.50 |
18.42 |
19.14 |
23.62 |
22.30 |
22.57 |
13.30 |
12.12 |
|
|
|
8.59% |
<-IRR #YR-> |
5 |
Stock Price |
|
|
|
|
|
|
|
|
|
|
|
|
| Trailing P/E |
12.03 |
11.68 |
10.17 |
12.95 |
12.50 |
13.90 |
23.15 |
25.44 |
27.25 |
18.63 |
21.31 |
16.60 |
|
|
|
19.68% |
<-IRR #YR-> |
10 |
Price & Div |
|
|
|
|
|
|
|
|
|
|
|
|
| Median 5 Yrs |
|
|
5.78% |
8.35% |
Div % |
5, 10 yrs |
|
Price Inc |
15.37% |
P/E: Y-T |
22.30 |
21.31 |
|
|
|
14.37% |
<-IRR #YR-> |
5 |
Price & Div |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
-$10.28 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$30.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
-$19.91 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$30.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
-$10.28 |
$1.17 |
$1.20 |
$1.23 |
$1.25 |
$1.27 |
$1.29 |
$1.32 |
$1.35 |
$1.36 |
$31.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
-$19.91 |
$1.29 |
$1.32 |
$1.35 |
$1.36 |
$31.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hi Months |
|
|
|
|
Dec |
Dec |
Dec |
Dec |
Mar |
Jun |
Dec |
Nov |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Price Hi |
$12.85 |
$11.75 |
$13.20 |
$13.60 |
$16.25 |
$18.44 |
$22.41 |
$31.91 |
$33.59 |
$31.00 |
$29.00 |
$33.19 |
|
|
|
182.47% |
<-Total Growth |
10 |
Stock Price |
|
|
|
|
|
|
|
|
|
|
|
|
| Increase |
-8.21% |
-8.56% |
12.34% |
3.03% |
19.49% |
13.48% |
21.53% |
42.39% |
5.26% |
-7.71% |
-6.45% |
14.45% |
|
|
|
10.94% |
<-IRR #YR-> |
10 |
Stock Price |
|
|
|
|
|
|
|
|
|
|
|
|
| P/E |
14.60 |
9.87 |
13.07 |
11.93 |
14.25 |
21.44 |
21.55 |
28.49 |
24.55 |
27.43 |
16.02 |
13.38 |
|
|
|
8.17% |
<-IRR #YR-> |
5 |
Stock Price |
|
|
|
|
|
|
|
|
|
|
|
|
| Trailing P/E |
12.85 |
13.35 |
11.09 |
13.47 |
14.25 |
16.18 |
26.06 |
30.68 |
29.99 |
22.65 |
25.66 |
18.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Median 5 Yrs |
|
|
|
|
|
|
|
Price Inc |
5.26% |
P/E: Y-T |
24.55 |
25.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
-$11.75 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$33.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
-$22.41 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$33.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Low Months |
|
|
|
|
Mar |
May |
Mar |
Feb |
Jul |
Nov |
Feb |
Feb |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Price Low |
$11.20 |
$8.80 |
$11.00 |
$12.56 |
$12.25 |
$13.25 |
$17.40 |
$21.00 |
$27.45 |
$20.00 |
$19.15 |
$26.91 |
|
|
|
205.80% |
<-Total Growth |
10 |
Stock Price |
|
|
|
|
|
|
|
|
|
|
|
|
| Increase |
17.89% |
-21.43% |
25.00% |
14.18% |
-2.47% |
8.16% |
31.32% |
20.69% |
30.71% |
-27.14% |
-4.25% |
40.52% |
|
|
|
11.83% |
<-IRR #YR-> |
10 |
Stock Price |
|
|
|
|
|
|
|
|
|
|
|
|
| P/E |
12.73 |
7.39 |
10.89 |
11.02 |
10.75 |
15.41 |
16.73 |
18.75 |
20.06 |
17.70 |
10.58 |
10.85 |
|
|
|
9.11% |
<-IRR #YR-> |
5 |
Stock Price |
|
|
|
|
|
|
|
|
|
|
|
|
| Trailing P/E |
11.20 |
10.00 |
9.24 |
12.44 |
10.75 |
11.62 |
20.23 |
20.19 |
24.51 |
14.61 |
16.95 |
14.87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Median 5 Yrs |
|
|
|
|
|
|
|
Price Inc |
20.69% |
P/E: Y-T |
17.70 |
16.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
-$8.80 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$26.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
-$17.40 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$26.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Market Cap |
$364 |
$374 |
$534 |
$635 |
$833 |
$997 |
$1,284 |
$1,817 |
$1,747 |
$1,379 |
$1,798 |
$2,072 |
$2,154 |
|
|
|
|
|
Market Cap |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| # of Shares |
33.42 |
33.36 |
42.55 |
47.92 |
52.18 |
56.15 |
56.99 |
57.73 |
60.67 |
61.10 |
66.29 |
66.73 |
$66.73 |
$66.73 |
|
|
Unitholders' Equity |
Shares |
|
|
|
|
|
|
|
|
|
|
|
|
| Increase |
1.27% |
-0.17% |
27.53% |
12.64% |
8.88% |
7.63% |
1.48% |
1.30% |
5.10% |
0.70% |
8.49% |
0.67% |
0.00% |
0.00% |
|
7.44% |
<-Average |
10 |
Shares |
|
|
|
|
|
|
|
|
|
|
|
|
| OCF |
$38.54 |
$29.64 |
$42.78 |
$63.27 |
$60.52 |
$81.00 |
$78.97 |
$98.91 |
$111.04 |
$121.36 |
$144.88 |
$148.42 |
$152.82 |
$154.16 |
|
400.81% |
<-Total Growth |
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPS |
$1.15 |
$0.89 |
$1.01 |
$1.32 |
$1.16 |
$1.44 |
$1.39 |
$1.71 |
$1.83 |
$1.99 |
$2.19 |
$2.22 |
$2.29 |
$2.31 |
|
150.37% |
<-Total Growth |
10 |
Cash Flow |
|
|
|
|
|
|
|
|
|
|
|
|
| Increase |
19.17% |
-22.98% |
13.20% |
31.28% |
-12.14% |
24.36% |
-3.92% |
23.63% |
6.81% |
8.54% |
10.03% |
1.76% |
2.96% |
0.87% |
|
10.36% |
<-Average |
10 |
Cash Flow |
|
|
|
|
|
|
|
|
|
|
|
|
| Non-cash WC |
$2.05 |
$14.38 |
-$1.96 |
-$4.54 |
$0.71 |
$2.04 |
$1.50 |
$1.89 |
-$0.55 |
$8.09 |
$0.10 |
-$2.63 |
|
|
|
9.61% |
<-IRR #YR-> |
10 |
Cash Flow |
|
|
|
|
|
|
|
|
|
|
|
|
| OPS less WC |
$1.21 |
$1.32 |
$0.96 |
$1.23 |
$1.17 |
$1.48 |
$1.41 |
$1.75 |
$1.82 |
$2.12 |
$2.19 |
$2.18 |
$2.29 |
$2.31 |
|
9.92% |
<-IRR #YR-> |
5 |
Cash Flow |
|
|
|
|
|
|
|
|
|
|
|
|
| Increase |
25.50% |
8.62% |
-27.28% |
27.71% |
-4.24% |
26.02% |
-4.50% |
23.65% |
4.29% |
16.35% |
3.23% |
-0.12% |
|
|
|
5.17% |
<-IRR #YR-> |
10 |
Cash Flow |
|
|
|
|
|
|
|
|
|
|
|
|
| P/O on Cl |
8.97 |
8.49 |
13.08 |
10.81 |
13.61 |
12.00 |
15.95 |
18.02 |
15.82 |
10.65 |
12.40 |
14.21 |
14.10 |
13.97 |
|
9.12% |
<-IRR #YR-> |
5 |
Cash Flow |
|
|
|
|
|
|
|
|
|
|
|
|
| *Operational Cash Flow per
share |
|
|
|
|
|
P/CF |
10 Yrs |
13.66 |
5 Yrs |
14.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
-$0.888 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$2.224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
-$1.386 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$2.224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
-$1.319 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$2.185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
-$1.412 |
$0.000 |
$0.000 |
$0.000 |
$0.000 |
$2.185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPM |
36.3% |
26.2% |
32.9% |
38.8% |
31.7% |
36.6% |
32.7% |
36.7% |
38.1% |
38.0% |
43.9% |
45.1% |
|
|
|
should be zero, it is a check
on calculations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diff from Ave. |
-3.0% |
-30.0% |
-12.0% |
3.7% |
-15.4% |
-2.2% |
-12.8% |
-2.1% |
1.6% |
1.4% |
17.3% |
20.5% |
|
|
|
0.0% |
<-Average |
10 |
OPM |
|
|
|
|
|
|
|
|
|
|
|
|
| *Operational
Profit Margin (CF/Revenue) Ratio |
|
|
|
|
OPM |
10 Yrs |
37.45% |
5 Yrs |
40.35% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Curr Assets |
|
|
|
|
|
|
|
|
|
|
1,793.1 |
1,793.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Curr Liab. |
|
|
|
|
|
|
|
|
|
|
113.8 |
34.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liquidity |
|
|
|
|
|
|
|
|
|
|
15.76 |
51.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From
G&M |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
730.35 |
731.26 |
868.17 |
1,192.86 |
1,292.57 |
1,468.71 |
1,591.79 |
1,805.38 |
1,979.6 |
2,195.6 |
2,158.9 |
2,164.6 |
|
|
|
A/L ratio of 1.5 and up, best |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Liab. |
382.36 |
383.06 |
419.91 |
679.50 |
730.56 |
863.86 |
989.03 |
1,199.73 |
1,337.8 |
1,563.8 |
1,392.7 |
1,313.7 |
|
|
|
1.65 |
<-Average |
10 |
Liability |
|
|
|
|
|
|
|
|
|
|
|
|
| Asset/Liability R. |
1.91 |
1.91 |
2.07 |
1.76 |
1.77 |
1.70 |
1.61 |
1.50 |
1.48 |
1.40 |
1.55 |
1.65 |
|
|
|
1.52 |
<-Average |
5 |
Ratio |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-control Int |
|
|
|
|
|
|
|
|
|
|
|
$4.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Book Value |
$348.0 |
$348.2 |
$448.3 |
$513.4 |
$562.0 |
$604.8 |
$602.8 |
$605.7 |
$641.8 |
$631.9 |
$766.2 |
$846.7 |
$846.7 |
|
|
143.15% |
<-Total Growth |
10 |
Book Value |
|
|
|
|
|
|
|
|
|
|
|
|
| BV per share |
$10.41 |
$10.44 |
$10.54 |
$10.71 |
$10.77 |
$10.77 |
$10.58 |
$10.49 |
$10.58 |
$10.34 |
$11.56 |
$12.69 |
$12.69 |
|
|
21.55% |
<-Total Growth |
10 |
Book Value |
|
|
|
|
|
|
|
|
|
|
|
|
| Change |
-2.49% |
0.23% |
0.95% |
1.67% |
0.55% |
0.00% |
-1.80% |
-0.81% |
0.82% |
-2.23% |
11.78% |
9.76% |
|
|
|
1.2005 |
Current/Historical |
|
Book Value |
|
|
|
|
|
|
|
|
|
|
|
|
| P/BV (CL) |
1.05 |
1.07 |
1.19 |
1.24 |
1.48 |
1.65 |
2.13 |
3.00 |
2.72 |
2.18 |
2.35 |
2.45 |
|
|
|
1.97% |
<-IRR #YR-> |
10 |
Book Value |
|
|
|
|
|
|
|
|
|
|
|
|
| Change |
9.06% |
2.52% |
11.00% |
3.84% |
19.87% |
11.15% |
29.25% |
40.82% |
-9.23% |
-19.84% |
7.50% |
4.31% |
|
|
|
3.70% |
<-IRR #YR-> |
5 |
Book Value |
|
|
|
|
|
|
|
|
|
|
|
|
| Leverage (A/BK) |
2.10 |
2.10 |
1.94 |
2.32 |
2.30 |
2.43 |
2.64 |
2.98 |
3.08 |
3.47 |
2.82 |
2.56 |
|
|
|
2.65 |
<-Average |
10 |
A/BV |
|
|
|
|
|
|
|
|
|
|
|
|
| Debt/Equity Ratio |
1.10 |
1.10 |
0.94 |
1.32 |
1.30 |
1.43 |
1.64 |
1.98 |
2.08 |
2.47 |
1.82 |
1.55 |
|
|
|
1.65 |
<-Average |
10 |
A/BV |
|
|
|
|
|
|
|
|
|
|
|
|
| Book Value is Asset less Liabilities |
|
|
|
|
|
|
|
P/BV |
10 Yrs |
2.04 |
5 Yrs |
2.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$10.44 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$12.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$10.58 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$12.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
<--you do not expect
growth for Inc. Trusts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ROE |
8.4% |
11.4% |
8.5% |
10.1% |
10.4% |
7.8% |
9.8% |
10.6% |
12.9% |
10.9% |
15.3% |
19.5% |
|
|
|
|
Net Income/Shareholders'
equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 5Yr Running Ave |
7.2% |
8.2% |
9.0% |
9.5% |
9.8% |
9.5% |
9.3% |
9.7% |
10.3% |
10.5% |
12.1% |
14.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income |
29.36 |
39.62 |
38.06 |
51.65 |
58.47 |
47.45 |
59.01 |
64.21 |
83.03 |
68.89 |
117.40 |
164.93 |
|
|
|
316.31% |
<-Total Growth |
10 |
Net Income |
|
|
|
|
|
|
|
|
|
|
|
|
| Oper C. F. |
$38.5 |
$29.6 |
$42.8 |
$63.3 |
$60.5 |
$81.0 |
$79.0 |
$98.9 |
$111.0 |
$121.4 |
$144.9 |
$148.4 |
|
|
|
Cash Flow Statement CF from continuing
operations |
|
|
|
|
|
|
|
|
|
|
|
| Invest. C. F |
-24.81 |
362.00 |
-125.51 |
-178.99 |
-74.18 |
-171.51 |
-114.09 |
-169.90 |
-221.58 |
-242.96 |
-53.50 |
-25.70 |
|
|
|
Cash Flow Statement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Accruals |
15.63 |
-352.02 |
120.79 |
167.37 |
72.13 |
137.96 |
94.13 |
135.21 |
193.57 |
190.48 |
26.02 |
42.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Assets |
$730.4 |
$731.3 |
$868.2 |
$1,192.9 |
$1,292.6 |
$1,468.7 |
$1,591.8 |
$1,805.4 |
$1,979.6 |
$2,195.6 |
$2,158.9 |
$2,164.6 |
|
|
|
Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accruals Ratio |
2.14% |
-48.14% |
13.91% |
14.03% |
5.58% |
9.39% |
5.91% |
7.49% |
9.78% |
8.68% |
1.21% |
1.95% |
|
|
|
Oper C. F. Covers Investing C.F. and dividends? |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Chge in Cl |
6.34% |
2.75% |
12.05% |
5.58% |
20.53% |
11.15% |
26.93% |
39.68% |
-8.48% |
-21.63% |
20.16% |
14.49% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expected |
down |
down |
up |
down |
down |
down |
down |
down |
down |
down |
down |
down |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Affects? |
up |
up |
up |
up |
up |
up |
up |
up |
down |
down |
down |
down |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fin
C. F. |
-$13.15 |
-$30.93 |
$100.53 |
$97.91 |
$14.75 |
$90.52 |
$33.29 |
$56.73 |
$110.24 |
$122.39 |
-$91.56 |
-$119.55 |
|
|
|
With Fin. C. F. it is more predictive |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Accruals |
$28.78 |
-$321.09 |
$20.26 |
$69.46 |
$57.38 |
$47.45 |
$60.84 |
$78.47 |
$83.33 |
$68.10 |
$117.57 |
$161.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accruals Ratio |
3.94% |
-43.91% |
2.33% |
5.82% |
4.44% |
3.23% |
3.82% |
4.35% |
4.21% |
3.10% |
5.45% |
7.47% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign |
0.00% |
0.00% |
0.00% |
0.00% |
2.02% |
2.58% |
2.27% |
2.73% |
3.39% |
2.42% |
9.04% |
3.67% |
|
|
|
4.25% |
<-Average |
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cap Gain |
3.67% |
11.75% |
7.11% |
0.00% |
0.00% |
0.00% |
7.64% |
2.89% |
16.91% |
0.00% |
30.02% |
0.00% |
|
|
|
9.96% |
<-Average |
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Income |
19.36% |
33.19% |
31.42% |
51.55% |
51.98% |
45.42% |
45.89% |
60.83% |
75.85% |
82.09% |
60.89% |
80.96% |
|
|
|
72.12% |
<-Average |
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ret of Cap. |
76.97% |
55.06% |
61.46% |
48.45% |
46.00% |
52.00% |
44.18% |
33.56% |
3.85% |
15.49% |
0.05% |
15.37% |
|
|
|
13.66% |
<-Average |
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
99.98% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For Tax Cr |
|
|
|
|
|
|
|
|
0.07% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign |
|
|
|
|
|
|
|
|
|
|
$0.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cap Gain |
|
|
|
|
|
|
|
|
|
|
$0.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Income |
|
|
|
|
|
|
|
|
|
|
$0.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ret of Cap. |
|
|
|
|
|
|
|
|
|
|
$0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
$1.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Inflation |
|
|
|
|
|
|
-106.2 |
0.0 |
0.0 |
0.0 |
0.0 |
116.0 |
|
|
|
1.78% |
<-IRR #YR-> |
5 |
Core Inf |
|
|
|
|
|
|
|
|
|
|
|
|
| Inflation |
|
|
|
|
|
|
-107.6 |
0.0 |
0.0 |
0.0 |
0.0 |
117.5 |
|
|
|
1.78% |
<-IRR #YR-> |
5 |
Total Inf |
|
|
|
|
|
|
|
|
|
|
|
|
| Inflation |
|
-96.4 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
116.0 |
|
|
|
1.87% |
<-IRR #YR-> |
10 |
Core Inf |
|
|
|
|
|
|
|
|
|
|
|
|
| Inflation |
|
-96.7 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
117.5 |
|
|
|
1.97% |
<-IRR #YR-> |
10 |
Total Inf |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mar 16,
2011. When I last looked I got
estimates for 2010 and 2011 of $2.30 and $2.41 for FFO, $1.10 and 1.19 for
earnings, and $2.19 and $2.21 for Cash Flow. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mar 2009.
InAug 2009, I got estimates for 2009 and 2010 of $1.35 and $1.25 for
earnings, $2.32 and $2.25 for FFO and $2.27 and $2.30 for Cash Flow fr O. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| In 2009
statements, they now give FFO for 2008 as $2.34. There is some $.38 earnings on discontinued
business included in the $1.81 earnings. |
|
|
|
|
|
|
|
|
|
|
|
|
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| What is
liked about this stock? Long Term
stable tenants and conservative management.
Their Cash Flow is likely to remain strong, even in a recession. |
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| May 9, 2009
AR 2008. When I looked at this stock
in Sep 2008, I got a FFO of $2.22 and Earnings of $1.18 for 2008. The FFO came in as $2.27. |
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| I bought
this stock in Sep 2006 and I have not made any money on it. However, other Real Estate stocks have done
no better since Sep 2006. 2006 was a
high point for Real Estate stock. |
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| AP 2006. In
Fin.Post Card, analyst give a Hold rating at $31.34. Revenue ok, but ESP is only slowly
increasing. P/E is really high. Yield is not bad. I can see why they do not expect the stock
to increase |
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| much this
year (re P/E ratio). I have only lost
money on this since I bought it.
Perhaps not a good one to buy.
I will keep a eye on this. In CDN trading acct. |
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| 2006. Does not seem like a bad stock. Return over last 5 years is good. OPM is really down in 2005 and this does
not look good. |
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| How they make
their money |
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| Canadian
Real Estate Investment Trust is an equity real estate trust, which acquires
and owns a portfolio of income-producing properties. It specializes in the
acquisition and ownership of community |
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| shopping
centres, industrial and office properties across Canada. This company owns office, industrial,
retail properties and some miscellaneous items such as apartment buildings. |
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| This stock is
rated STA-3M by DBRS. |
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| For
most ratios, lower is better when looking for a good stock price. However, there are exceptions such as for
yield and asset/liability ratios and here you want a higher ratios to
indicate a good stock price. |
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| Also, for the
Operational Profit Margin, a higher percentage is better. With the OPM, you should only compare
companies in similar industries. |
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| Copyright ©
2008 Website of SPBrunner. All rights reserved. |
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| Info on
January 30th, 2011 distribution. |
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| CREIT
will complete a reorganization of an existing subsidiary holding trust (the
"Reorganization") before December 31, 2010 in order to qualify as a
"real estate investment trust" for purposes of the Income Tax |
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| Act
(Canada) (the "Tax Act"). As part of the Reorganization, on
December 30, 2010, the assets of the holding trust will be transferred to
CREIT Trust B, a subsidiary trust of CREIT created for the purpose of |
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| the
Reorganization and CREIT will make a distribution to its Unitholders in the
form of units of CREIT Trust B ("Trust B Units"). Each Unitholder
of CREIT will receive one Trust B Unit for every CREIT |
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| Unit
owned. The Trust B Units will then be immediately redeemed by CREIT Trust B
and the redemption price will be paid by CREIT Trust B in the form of Units
of CREIT. Following the redemption, CREIT |
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| will
consolidate its Units so that, following the Reorganization, each Unitholder
of CREIT will own the same number of CREIT Units that such Unitholder owned
immediately prior to the Reorganization. |
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| The
Reorganization will not have any adverse Canadian income tax consequences for
Unitholders of CREIT, except that withholding taxes will be exigible in
respect of the distribution of Trust B Units to |
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| Unitholders
that are non-residents of Canada for purposes of the Tax Act. CREIT will fund
and remit such withholding taxes to the Canada Revenue Agency on behalf of
such non-resident Unitholders |
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| (estimated to
be less than $50,000 in aggregate). |
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| This
Reorganization is required as a result of, and to comply with, the definition
of a qualifying REIT as set out in the Tax Act, which was introduced as part
of the Specified Investment Flow Through ("SIFT") |
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